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Gold Surges on Safe-Haven Demand — On Track for New All-Time Highs?
Gold has been rallying consequently since the Sunday open after the Trump Administration decided to appeal the US Federal Court decision to block the Tariffs on Imports.
The precious metal is at the highs of the day following an ISM Manufacturing report that was not the best. You can read more on the Data Release here.
XAU/USD is breaking out to the upside and the buying candles are strong, we are now up 2.52% on the session.
Take a peek at a Gold Technical Analysis from the Daily to the Hourly timeframe.
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Gold Technical Analysis – Daily, 4H and 1H Charts
Gold Daily Chart
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Gold Daily Chart, June 2, 2025. Source: TradingView
What looked like a Downward channel looks more like a Bull Flag on the Daily Timeframe as prices are breaking out.
MA 20 and 50 are both sustaining the rally as prices consolidated towards the Moving averages.
The Daily 14-period RSI also came back to neutral from overbought levels in April and May and is now rising, giving more space for price movement.
Prices seem to be going towards the main Daily resistance Zone from 3,450 to 3,500.
There will be a few hurdles before which you will discover through 4H and 1H chart analyses.
Gold 4H Chart
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Gold 4H Chart, June 2, 2025. Source: TradingView
Gold is breaking out from its downwards daily channel formed throughout the past two months as the risk-off move was another supporting theme.
A rebound on S1, after a bear momentum divergence, resumed the bullish train of action for the Bullion.
Both the 20 and 50 MA are acting as support and are sloping upwards.
The action is fundamentally and technically bullish though things may change with the key data that is coming through this week, particularly the NFP report on Friday expected at 130K.
A beat could change the risk-off sentiment, though there is plenty of time before that.
Key levels on the 4H Chart:
- Support 1 3,270 – 3,290
- Support 2 3,200 – 3,225
- Support 3 3,110 – 3,137
- Resistance 1 3,367 – 3,380
- Resistance 2 3,414 – 3,436
- Resistance 3 $3,500 (All-time Highs)
- Resistance 4 $3,595 – $4,000 (Potential Resistance on new ATH)
Gold 1H Chart
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Gold 1H Chart, June 2, 2025. Source: TradingView
Gold is facing the current Resistance Zone R1 mentioned on the 4H Timeframe analysis.
A Inverse Head & Shoulders pattern materialized in the breakout and is pointing to a continuation of today’s price action. If it the Inverse H&S completes, the Measured Move points at 3,415 to 3,420.
Gold prices gapped up on the Sunday open and have mostly been in a Tight bull channel since: Almost only green candles with the few red candles not subjecting a pullback.
Prices are broadly unchanged in the past two hours, momentum tends to calm after a volatile session.
A rejection of the Resistance 1 Zone points at the MA 20, currently at $3,336.
A continuation of the move from this morning aims at $3,415.
Safe Trades!
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